Umpqua Bank, a subsidiary of Oregon-based Umpqua Holdings, has formed a new division, Umpqua Private Bank and opened for business. Reportedly, Umpqua Private Bank serves customised financial solutions to customers with more than $3 million in net worth and $1 million in investable assets in Portland, Oregon.

Umpqua Private Bank is part of Umpqua’s wealth management expansion and is led by Kelly Johnson, executive vice president of wealth management. Umpqua Bank has actively recruited leading wealth management experts from throughout the industry, including Johnson, Huntsman and most recently, Jennifer Flickinger, who specialises in Trust services.

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The bank has said that the private bank is designed to augment Umpqua’s existing customer experience, and will work collaboratively with the bank’s affiliate retail brokerage, Umpqua investments, to offer a integrated approach that meets clients’ financial goals.

Donna Huntsman, senior vice president and manager of private banking, said: “Umpqua Bank has managed to transform banking from a chore into an enjoyable experience with world-class customer service and innovative delivery systems. Umpqua Private Bank will build on that high level of service, experience and expertise, expanding our products and service to cater to the unique needs of the private bank clientele.”

Mr. Johnson said: “Umpqua Private Bank is Umpqua’s response to market demand for a trusted, all-inclusive, local private banking and wealth management option. The financial services industry has been shaken dramatically during the past 18 months – and so have its customers. Umpqua Bank has proven its position as an industry leader and one of the most stable banks in the nation. Now we’re looking to grow our offerings by formally introducing the Umpqua experience to this segment of our market.”

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